Summary: Mosenergo (AO) - 2008/02/28 - S&P Credit Research

Report title: Summary: Mosenergo (AO)

from S&P Credit Research
841 word report published Feb 28, 2008

Price $175.00 available for immediate download

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Abstract:

The ratings on Russian electricity and heat generator Mosenergo (AO) reflect the company's growing exposure to the volatile spot electricity market; its ambitious investment program, which will create significant external funding requirements; and its concentrated customer base. The ratings also reflect regulation of heat tariffs in Russia, which despite improvements, remains opaque. Mosenergo's strong market position in the lucrative, growing Moscow region; low-cost thermal combined heat and power generation portfolio; and significant share of regulated heat sales unexposed to competition; as well as the operational benefits and potential support from OAO Gazprom (BBB/Stable/--) support the ratings. Mosenergo generates about 70% of the Moscow region's electricity and about 75% of the city of Moscow's heat. The wholesale electricity market, which supplies

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RESEARCH Ratings Definitions Summary: Mosenergo (AO) Publication date: 28-Feb-2008 Primary Credit Analyst: Eugene Korovin, Moscow (7) 495-783-4090; evgenei_korovin@standardandpoors.com Secondary Credit Analyst: Mark Schindele, Stockholm...

Report Type:

Summary

Ticker:

MSNG@RU

Issuer:

Mosenergo (AO)

GICS:

Electric Utilities (55101010)

Sector:

Electric, Global Issuers, Utilities

Country:

Russia

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Russian Utility Mosenergo (AO) Kept On Watch Negative On Refinancing Uncertainties $100.00
Russian utility Mosenergo (AO) faces significant refinancing needs in the remainder 2009 and we expect it to generate negative free operating cash flow in 2010. We understand the company intends to replace its short-term debt with long-term ...
Research Update: Russian Utility Mosenergo (AO) Kept On Watch Negative On Refinancing Uncertainties $175.00
Russian utility Mosenergo (AO) faces significant refinancing needs in the remainder 2009 and we expect it to generate negative free operating cash flow in 2010. We understand the company intends to replace its short-term debt with long-term ...
Mosenergo (AO) $400.00
Strong competitive position in the relatively lucrative Moscow region Operational benefits and support from the major shareholder, OAO Gazprom Significant share of regulated and noncompetitively exposed heat sales Weak liquidity position Growing ...
Summary: Mosenergo (AO) $175.00
The rating on Russian electricity and heat generator Mosenergo (AO) is constrained by its weak liquidity position and significant refinancing needs; growing operating costs; substantial capital-expenditure program; and its concentrated customer ...
Russian Utility Mosenergo (AO) Cut To 'BB-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative $100.00
MOSCOW (Standard&Poor's) March 24, 2009--Standard&Poor's Ratings Services said today that it had lowered its long-term corporate credit and Russia national scale ratings on electricity and heat generator Mosenergo (AO) to 'BB-/ruAA-' from 'BB/ruAA'. ...
Research Update: Russian Utility Mosenergo (AO) Cut To 'BB-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative $175.00
On March 24, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit and Russia national scale ratings on electricity and heat generator Mosenergo (AO) to 'BB-/ruAA-' from 'BB/ruAA'. We also lowered the senior unsecured ...
Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable $100.00
FRANKFURT (Standard&Poor's) Aug. 20, 2008--Standard&Poor's Ratings Services said today it affirmed its 'BB' long-term corporate credit rating and 'ruAA' Russian national scale rating on electricity and heat generator Mosenergo (AO). The outlook ...
Research Update: Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable $175.00
On Aug. 20, 2008, Standard&Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating and 'ruAA' Russian national scale rating on electricity and heat generator Mosenergo (AO). The outlook is stable. The ratings on Mosenergo ...

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